Oceans Five is ... just a building #5 in the row of Oceans condominiums in Daytona Beach Shores. It was built in 1975, when the majority of the Oceans grew up like white mushrooms in the rainy Florida summer.

It is not Le Corbusier, but by the standards of  the 70s, it is a modest high-rise direct oceanfront condominium building with 113 units on 21 floors. Oceans One, Three, Five & Seven are the same design and layout. 6 units on the floor, and they are zig-zagged, so that the balcony always has direct oceanfront. Technically all units there are direct oceanfront but all of them also enjoy a great view of the Intracoastal. Units are not really large, range from 1,028 SF inside to just over 1,120 SF. Need to mention good size balconies.

One of the nicest areas. An over a mile-long stretch of the Oceans enjoys a clean residential character. No hotels and motels. Shopping Center anchored by Publix Supermarkets is across the street from the ocean. Public tennis courts are next to it. And behind is a 9-hole golf course, the only one in Daytona Beach Shores. To  the south of the golf course, there is a pet park.

There are not many places in Daytona Beach area, where you have a feel that you are in the city. Small, friendly, but still a city, You do not need a car there, everything is close. And there are actually people in the streets, which is not common for Daytona Beach area.

All units are 2 bdr/ 2 baths, with laundry on each floor. Underground parking with one reserved space per unit, some unreserved spaces on a first come first serve basis, plus ample parking on the ground level outside for visitors and guests. Minimum rental restriction is 2 months, pets are allowed, one pet up to 25 lb (if I remember this correctly) per unit. Maintenance is from $375 per month. Taxes vary, use 2.1%-2.3% of the value as an approximate number.

There is a social room with full kitchen on the first floor where you can run parties. You have to request it from the on-site manager. $50 cleaning fee is refundable if it is left clean. The pool is outside, it is heated, but when it gets colder, the heater may be turned off. Floridians are spoiled and do not swims in colder weather anyway, but the electric bill is quite substantial. There is also a small gym on the first floor, and there is additional storage on the garage level, but there are fewer storage spaces than owners, so it is not guaranteed that buying a unit there, you get the storage space.

The building and the property are well maintained, in 2007 they have completed fixing concrete on balconies, and they have approximately 10 years before concrete restoration comes back on the agenda. They have requested the extension from the State to replace elevators, and the fate of the request is not yet known, so yes, it is possible that they will see a Special Assessment to replace old and slow elevators with new and fast ones. That may run up to $2,500 per unit owner.

Presently there are 4 units for sale ranging from $194,900 to $199,900. In 2009 until today 4 units were sold ranging in price from $150,000 to $190,900. Considering that there is another unit under contract today, and it should close within 3 weeks, it will bring the number of sales inthe building to 5. For the same period last year there were two sales for $220,000 and $225,000. For the same period in 2007 there were 3 sales from $257,000 to $300,000. As you can see, the number of sales went up, but the prices went down. At the same time, listing prices today are higher than they were 6 months ago.

Peak prices reached $452,000 in 2005, just 4 years ago.

If you are looking for a very affordable vacation unit on the ocean, which is reasonable to expect to more than double in a Seller's market, call me at 386-405-4408 or send me an e-Mail. It is a good time to buy. Why? Because fewer people buy. It is simple. Buy when the prices are low, and sell when everybody else is buying. Not when the new president is elected or impeached, because it has little relevance to investing in real estate, but I digress...

Anyway, this post is ot about Presidnet, it is about Oceans Five in Daytona Beach Shores, a terrific place to have a vacation condo on the beach, or a great place to live full time. So, if you are looking for a direct oceanfront in this area, or want to rent a condo for vacation, call me at 386-405-4408.